Review: Car Insurance For Costco Members in Canada

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Costco Car Insurance Review

A Costco membership entitles you to receive many benefits. Among these benefits, you are entitled to receiving car insurance assistance. Costco does not offer its own insurance packages. However, it is partnered with Inova insurance brokers. Although you won’t directly be purchasing insurance from Inova, you will be able to receive a trained insurance agent who will negotiate an insurance policy on your behalf.

What Is the Difference between an Insurance Company and an Insurance Broker?

An insurance company is who you purchase insurance from. An insurance broker is a person that you can use to obtain quotes on your behalf, from insurance companies. It is a broker’s duty to compare the rates of different insurance companies in order to give you the best possible insurance rate. Brokers are there to ask questions and make sure that your claims are handled fairly through your insurance company. A broker is basically a personal insurance assistance who you can ask for advice. In order to be able to get insurance through an insurance broker, there will be a small broker fee.

Insurance Products Offered By Costco

Insurance Companies That Inova Works with:

There are many big names in the insurance industry that Inova works with. When you receive a quote from Inova, you can expect to receive quotes from big-name companies. These companies include the likes of Aviva Canada, Intact Insurance, Travelers Insurance, Economical Insurance, Cambridge Insurance and even Promutuel Insurance.

Specialized Products Offered by Inova:

When you get insurance in Canada, it is important to keep your bills and stay organized. When you get insurance through Inova, you can have your policies delivered through epost. The epost system allows you to be able to receive your bills and statements from Aviva insurance policies, online. You can make a secure epost account and access your statements at any time, on any device. This is a great way to monitor your insurance and make sure you are making your payments on time. On top of that, you also receive a digital copy of your insurance slip.

Insurance Packages Offered by Inova:

Inova, the Costco specific insurance company, offers more than just car insurance. The company actually allows you to be able to pick up home insurance and identity theft protection from leading insurance companies. The best part about this is that you can bundle multiple insurance packages in order to be able to receive a reduced overall insurance premium. The more insurance you purchase, the larger the discount you should be able to receive.

Costco Car Insurance Product Review:

One of the best reasons to get insurance at Costco are the companies that the broker deals with. Costco deals with some very big name insurance companies in order to offer insurance that works for everyone. You can expect to be able to choose between some of the top insurance companies in the country. Due to this reason, you can expect to receive competitive insurance quotes and get quality insurance policies. You should have no problem adding coverage such as collision and comprehensive onto your insurance policy.

How Do I Get a Quote through Costco Insurance?

The Costco insurance program makes it extremely easy to get a quote. They have a phone number that you can call directly on their website to talk to an insurance broker. Their website also has a link that allows you to put in your information and get a quote online. This is actually a very nice program as it allows you to be able to get both a quick quote and a detailed insurance quote. If you are just shopping around and don’t want to take the time to get a detailed quote, you can get an insurance quote in a matter of minutes. However, if you’re serious about getting insurance through Costco, you can get a more detailed quote which will be much more accurate.

Do I Have To Be A Costco Member To Get Insurance Through Costco?

In order to be able to get insurance through Inova, you do have to have a Costco membership. The company has actually exclusively served Costco members since 1996. When you get into contact with this company, one of the first things they are going to ask you about is your Costco membership. To be able to get this company to help you get auto insurance, you have to be a Costco member.

Can You Get Costco Insurance Anywhere in Canada?

Unfortunately, you cannot get Costco insurance anywhere in Canada. Inova insurance brokers only do business out of ten of Canada’s provinces. If you happen to live in British Columbia, Saskatchewan or Manitoba, you are out of luck. You can, however, be a Costco member if you live in one of these provinces. Inova just does not currently sell car insurance to customers that live in these provinces.

Is Costco Located in Every Canadian Province?

Currently, Costco is not located in every Canadian province. Costco has stores in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec, Saskatchewan and Newfoundland, and Labrador. You will not currently find a Costco location in Nunavut, the Northwest Territories, Yukon territory or on Prince Edward Island. However, this does not mean that Costco will not expand into these provinces in the future. In 2016 alone, Costco planned to open seven new stores across the country. As Costco continues to conduct more business, you can expect them to continue expansion into new areas.

How Much Does A Costco Membership Cost?

In order to be able to shop at Costco or get car insurance through Costco, you have to be a Costco member. In order to become a Costco member, you do have to pay a yearly membership fee. The price of a membership fee is different depending on whether you get a membership in Canada or the United States. In the United States, members have to pay a total of $60 per year to get a regular membership. Canadians have to pay a total of $120 per year in order to be able to get a membership.

Resources:

http://www.inovainc.ca/en/car-insurance
http://www.cbc.ca/news/business/costco-membership-1.4008130
http://forums.redflagdeals.com/has-anyone-used-their-costco-executive-membership-get-car-home-insurance-1151675/2/
https://www.inovainc.ca/form-idProtector.php
http://www.inovainc.ca/en/home-insurance
https://www.mystore411.com/store/listing/1/canada/Costco-store-locations
http://www.theguardian.pe.ca/news/local/is-pei-just-too-small-to-have-its-very-own-costco-102544/
https://www.costco.ca/costco-services.html

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